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Jan 27, 2010 4:00pm EST
to cut emissions. he had a real seat at the table in copenhagen, and this is the story that he's been spending much of his time on. but in addition we also talked about global markets. i asked him about currencies today, how he's investing and he had some interesting things to say about the valuations in the stock market. how do you see things right now in terms of the environment, globally speaking and in the u.s. right now? where are we in the cycle? >> i think that the collapse of the depression was prevented. the collapse the financial markets was avoided or the off the life support actually worked so the markets are now stabilized. the premiums have shrunk back to normal levels. so that's -- that's fine. and the economy has begun to move forward. but it's only moving forward because it's pushed by the stimulus and that's particularly true in the united states. >> reporter: what are your thoughts on the president's proposals in the banking industry? >> well i'm very supportive. i think it's a step in the right direction. because the banking system has to be changed. this idea of a
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